Credit Scoring

It’s never too early to start building credit. If your child is in college, now is the perfect time. Your child can land a dream job, have saved several thousand dollars, but still be unable to obtain a loan for a car or a house without a solid credit history.

There are many ways to help your child build credit. A few options cost a little money, at least in the short-term. Other options are free, but carry more risk. Regardless of your situation, there are things you can do to…

Obtaining a free credit report is easy. Reviewing your report will help you keep an eye on your credit score and protect your identity. Request your free report regularly to ensure all the information reported on it is accurate and to catch any signs of identity theft as early as possible.

Our society relies heavily on credit to make major purchases. Credit can even be used for smaller purchases. Even phone companies check your credit when you want to start phone service. Plus, prospective employers sometimes check your credit as well. It’s never too soon to begin building your credit.

A poor credit score can limit your ability to borrow money, obtain a credit card, or even acquire a job in some industries. Your credit score and report have the power to make your life easier or much more challenging. To address these issues, the major credit bureaus, Equifax, Experian, and TransUnion, have agreed to alter the manner in which they report credit information.

If your heart is set on perfection, rather than reaching for that perfect 850, a more healthy goal is to aim for the 800+ club. Earning a credit score of 800 or higher will put you well within the ranks of the credit elite. No one else will receive a better loan than you, and no one will pay lower interest rates. How do you join the credit elite? It starts with developing the right credit habits and then gradually allowing them to build over time. Here are seven habits that will help pave your…

No matter what time of year it is, it's never too late to dust off your credit reports and learn exactly where you stand. Especially these days when the average boomer is swimming in debt and the long-term unemployed are relying on credit just to make ends meet. Worse still, a recent study found it isn't uncommon for consumers to spot errors on their report, which can cost them a much-needed job or loan.

You take the advice you've heard so many times and you get your free annual credit reports to make sure they are correct. Then you take it one step further and get a free credit score. Perhaps a lender provides it when you are turned down for credit, or your order it from a service such as Credit.com.
But the number you see is a complete surprise.

We all know that our credit score can help determine loan eligibility and interest rates. After all, credit scores are an indicator of how well you handle debt. But if you’re not in the market for a mortgage or a personal loan, it’s easy to assume that your not-so-hot credit can’t really hurt you. The truth is, lenders and banks aren’t the only ones checking credit reports and making decisions based on your credit history. Even if you have no plans for new debt, ignoring…

One of the great things about being a young adult is that it’s unlikely that you have any negative marks on your credit. Having a great credit score is the result of having positive credit items, a good payment history, and time. A good credit score requires some credit history – the longer, the better.Building credit is quite easy and there’s never a good reason to put it off. The sooner you get started, the better your credit score will be.

In a marketplace where lenders are demanding record-high FICO credit scores - Fannie Mae and Freddie Mac are averaging around 760 on approved mortgages this year - are you a little fuzzy about what can push your scores up or down?

Take "inquiries," which Fair Isaac Corp., the developer of the iconic score methodology dominant in the mortgage field, says are among the most widely misunderstood components of its system. Do multiple inquiries - requests by lenders and others to…

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